Womack’s CFTC Amendment to the Agriculture Appropriations Bill Passes with Full Support
Congressman Womack (AR-3) today introduced and subsequently achieved a unanimous voice vote for passage of his amendment in the House Appropriations Committee’s markup of its Fiscal Year 2018 Agriculture Appropriations Bill. This amendment addresses proper cost-benefit analysis at the Commodities Futures Trading Commission (CFTC) and relieves overregulation of inter-affiliate swaps transactions. After passage, Womack released the following statement:
“I am beyond pleased to see this commonsense amendment pass with such strong support from my fellow appropriators. I have said it before and I will say it again, that there were many good intentions involved in Dodd-Frank when it passed through Congress, but also many unintended consequences. Today, we were able to make it one step further in ensuring a bit of accountability at CFTC and also in offering major relief for some of these unintended consequences that have been forcing internal risk management transactions to undergo the same regulatory scrutiny as external, market-facing derivatives transactions. All businesses must manage risk, but risk contained within an internal corporate structure should not be burdened by equal external oversight. I am pleased to see this issue now move toward the House floor where I expect strong support from the rest of my colleagues in Washington.”
Congressman Steve Womack has represented Arkansas’s Third Congressional District since 2011 and serves on the House Appropriations Defense, Military Construction-Veterans Affairs, and Labor-Health and Human Services subcommittees and the House Committee on the Budget.
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